Question

Pricing of variety of goods produced by a
single firm is called as.......​

Answer 1

Answer:

Explanation:

What are Economies of Scope?

An economy of scope means that the production of one good reduces the cost of producing another related good. Economies of scope occur when producing a wider variety of goods or services in tandem is more cost effective for a firm than producing less of a variety, or producing each good independently. In such a case, the long-run average and marginal cost of a company, organization, or economy decreases due to the production of complementary goods and services.

While economies of scope are characterized by efficiencies formed by variety, economies of scale are instead characterized by volume. The latter refers to a reduction in marginal cost by producing additional units. Economies of scale, for instance, helped drive corporate growth in the 20th century through assembly line production.

Answer 2

Pricing of variety of goods produced by a  single firm is called as a Monopoly.

• A monopoly represents a business that is the sole provider of its commodity, and where there are no immediate alternatives. An uncontrolled monopoly has control in the market and can typically affect ultimate prices.
• There is just a sole seller in the key market, ensuring that the business becomes similar as the industry it properly represents.  
• Under this market, the business sets the price of the commodity they are willing to sell without any competition and also maintain the prices under control.